比特币超过$ 100,00，一些投资者已经在考虑出售。但是根据公认的专家的说法，这不是合适的时间。

STH-SOPR（短期持有人的支出利润率）用于衡量在不到155天内持有的比特币出售时实现的利润。

Bitcoin price has surpassed the $105,000 mark, prompting some investors to consider selling their BTC holdings. However, a recognized expert warns that no clear signals justify this move, and a key indicator shows the bulls are still in the game.

比特币的价格超过了105,000美元的成绩，促使一些投资者考虑出售其BTC持股。但是，一位公认的专家警告说，没有明确的信号证明这一举动是合理的，关键指标表明公牛仍在比赛中。

Don’t Miss: Benzinga's BTC Price, Charts and News

不要错过：本辛加的BTC价格，图表和新闻

STH-SOPR: A Thermometer of Euphoria or Caution

STH-SOPR：欣快或谨慎的温度计

The STH-SOPR (Spent Output Profit Ratio for short-term holders) measures the profits realized on the sale of bitcoins held for less than 155 days. When it exceeds the threshold of 1 excessively, it indicates that bitcoin holders are taking their gains, often near a peak. Conversely, when it remains close to or below 1, this signals an accumulation phase.

STH-SOPR（短期持有人的支出利润率）衡量了在销售不到155天的比特币出售中实现的利润。当它超过1个阈值时，它表明比特币持有者正在取得收益，通常接近峰值。相反，当它保持靠近或低于1时，这标志着累积阶段。

Currently, data from CryptoQuant shows that the STH-SOPR is still moderate, and the technical indicator has not yet reached the red zones of euphoria observed during market highs. This suggests that BTC has more room for growth, especially with a market structure that is still relatively healthy.

当前，来自CryptoQuant的数据表明，STH-SOPR仍然是中等的，并且技术指标尚未达到市场高点期间观察到的Euphoria的红色区域。这表明BTC有更多的增长空间，尤其是在仍然相对健康的市场结构中。

This technical signal can help investors avoid making rushed sales during consolidation phases and efficiently identify phases where optimism is becoming excessive, ultimately paving the way for a peak and reversal.

该技术信号可以帮助投资者避免在整合阶段进行急需的销售，并有效地确定乐观情绪过多的阶段，最终为高峰和逆转铺平了道路。

No Profit-Taking Zone Yet for Bitcoin

比特币还没有利润区域

According to CryptoQuant’s analysis, the bitcoin market is still far from a distribution phase. The STH-SOPR has not crossed the critical threshold signaling an excess of profit-taking. Several factors strengthen this reading: institutional interest is still present with inflows into Bitcoin ETFs, and miners are continuing to store a portion of their production.

根据CryptoQuant的分析，比特币市场远离分销阶段。 STH-SOPR并未跨越关键的阈值信号，这表明利润过多。加强了这一阅读的几个因素：机构兴趣仍然存在于比特币ETF中，矿工正在继续存储其一部分生产。

Furthermore, on-chain analysis demonstrates the market's ability to absorb selling pressure without imbalance. As long as the red zone of the STH-SOPR is not reached, the chances of an extension of the bullish cycle are high. This indicates that BTC holders prefer a waiting strategy to massive exit at least at this stage.

此外，链分析表明，市场能够在不会失衡的情况下吸收销售压力。只要未达到STH-SOPR的红色区域，看涨周期延伸的机会就很高。这表明BTC持有人至少在此阶段至少更喜欢大规模退出策略。

Planning a Gradual Exit: The CryptoQuant Method

计划逐步出口：加密方法

CryptoQuant recommends a gradual strategy to secure gains on bitcoin. This approach, symmetrical to that of progressive accumulation, allows one to benefit from the bullish market without trying to sell at the absolute peak.

CryptoQuant建议采取渐进的策略来确保比特币上的收益。这种方法与渐进式积累的方法对称，使人们可以从看涨市场中受益，而无需在绝对峰值上出售。

This exit framework is based on objective indicators, such as the STH-SOPR, avoiding emotional decisions. Consequently, investors can secure profits as distribution signals emerge, without exiting prematurely from an active bullish cycle.

该退出框架基于客观指标，例如STH-SOPR，避免了情感决策。因此，投资者可以将利润作为分销信号的出现，而不会过早退出活跃的看涨周期。

What This Means For Investors In 2025

这对2025年投资者意味着什么

Current market analysis suggests that bitcoin could continue its upward trend as long as technical signals like the STH-SOPR remain favorable. For investors, this implies a dual vigilance: monitor the key indicators while maintaining a consistent strategy.

当前的市场分析表明，只要像STH-SOPR这样的技术信号仍然有利，比特币可以继续其上升趋势。对于投资者而言，这意味着双重警惕：在保持一致的策略的同时监视关键指标。

Moreover, buying pressure supported by Bitcoin ETFs and the absence of panic selling reinforce the idea of a market building towards a peak, rather than in decline. Premature profit-taking could deprive holders of significant gains if momentum continues. At this stage, patience remains a strategic advantage for bitcoin holders.

此外，比特币ETF支持的购买压力以及缺乏恐慌销售的意思加强了市场建设朝着高峰而不是下降的想法。如果势头继续持续，过早的盈利可能会剥夺持有人的巨大收益。在此阶段，耐心仍然是比特币持有人的战略优势。

How To Interpret On-Chain Indicators Before Selling Your Bitcoin

在出售比特币之前，如何解释链上指标

Before any bitcoin selling decision, on-chain data offer reliable benchmarks to gauge market momentum. Here are the main signals to watch:

在任何比特币销售决定之前，链上数据提供可靠的基准测试以衡量市场势头。这是要观看的主要信号：

* **Spent Output Profit Ratio (SOPR):** Measures the average profit or loss realized by sellers in the last 30 days. When SOPR is greater than 1, sellers are realizing a profit, while SOPR less than 1 indicates sellers are selling at a loss.

***花费利润率（SOPR）：**衡量卖方在过去30天内实现的平均利润或损失。当Sopr大于1时，卖方会意识到利润，而SOPR小于1表示卖方亏损的出售。

* **Short-Term Holder SOPR (STH-SOPR):** Similar to SOPR, but focusing on coins held for 155 days or less (typically used for short-term traders or new entrants).

***短期持有人SOPR（STH-SOPR）：**类似于SOPR，但专注于持有的硬币155天或更短（通常用于短期交易者或新进入者）。

* **Long-Term Holder SOPR (LTH-SOPR):** Calculates the profit or loss for those holding coins for more than 155 days (usually long-term investors).

***长期持有人SOPR（第LTH-SOPR）：**计算持有硬币超过155天（通常是长期投资者）的人的损益。

Cross-interpretation of these data helps anticipate cycle reversals without depending on market emotions. To navigate the 2025 bull run, relying on these benchmarks becomes a decisive decision-making lever.

这些数据的跨解释有助于预测周期的逆转而无需依赖市场情绪。为了驾驶2025年的公牛跑步，依靠这些基准成为决定性决策杠杆。

As experts are already considering 3 inevitable scenarios for the 2025 altseason, Bitcoin remains supported by solid on-chain indicators, and nothing yet signals a definitive peak. Betting on data, not emotions, allows one to stay aligned with the market. The real question now: should one aim for a top or secure gains in stages?

由于专家已经考虑了2025年季季不可避免的情况，因此比特币仍然受到牢固的链指标的支持，但没有任何标志着明确的峰值。投注数据而不是情绪，使人们可以保持与市场保持一致。现在真正的问题：一个目标应该在阶段取得最高收益还是安全收益？

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The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

世界正在发展，适应是在这个起伏的宇宙中生存的最佳武器。我最初是加密社区经理，我对与区块链及其衍生物直接或间接相关的任何事物感兴趣。为了分享我的经验并促进我热衷的领域，没有什么比撰写内容丰富且放松的文章更好。